US manufacturing activity contracted for sixth straight month in August, based on the ISM Manufacturing Index. One bright spot: the new orders component improved to 51.4 last month, reflecting a modest growth rate. “I continue to see the broad economy generally and the manufacturing sector in particular as in a holding pattern until tariff-related uncertainty recedes,” said Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets.

A federal judge ordered Google to provide some of its search data to rivals, but tech giant avoid ruling that would break up the company. The ruling is being greeted by the market as a relatively light slap on the wrist for Google.

US construction spending fell in July, weighed down by high mortgage rates that remain a headwind for housing purchases. The decline in July left the year-over-year change 2.8% the year-ago level.

Global bonds remain under pressure, led by selling of longest maturities. “Deficit and debt issues cannot be easily or quickly addressed,” said Andrew Ticehurst, a strategist at Nomura Holdings. “Steeper curves are the new normal.”

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